March 19 (Bloomberg) -- NPS Pharmaceuticals Inc., a maker
of rare-disease drugs, rose the most in five months after the
company regained worldwide marketing and development rights to
its therapy Gattex from partner Takeda Pharmaceutical Co.

NPS gained 9.3 percent to $9.88 at the close in New York,
its largest single-day increase since Oct. 12. The company’s
shares have increased 47 percent in the past 12 months.

Takeda will receive $50 million in NPS stock for the drug
known chemically as teduglutide, Bedminster, New Jersey-based
NPS said today in a statement. The therapy helps patients with
short-bowel syndrome absorb nutrients.

“This transaction establishes NPS as a global commercial
rare disease company,” Francois Nader, NPS’s president and
chief executive officer, said in the statement.

The drugmaker will also buy back rights to recombinant
human parathyroid hormone 1-84, known as Preotact in Europe.
When sales of both drugs exceed $750 million during a calendar
year, NPS will pay Osaka, Japan-based Takeda an additional $30
million in cash or stock.

The Food and Drug Administration cleared Gattex in
December, while requiring a study of at least 10 years of
potential side effects. Gattex helps wean patients off a time-consuming intravenous nutrition program. The therapy will be
marketed as Revestive in Europe.

NPS, which reported about $131 million in 2012 revenue,
expects peak annual sales from Gattex to exceed $350 million,
Nader said during a January conference call.

Short-bowel syndrome is the result of conditions such as
Crohn’s disease or trauma that requires much of the small
intestine to be removed, causing a reduced ability to absorb
water and nutrients.